Arena insurance costs rise
Eric Mark / Published: July 11, 2019
WILKES-BARRE TWP. — The Luzerne County Convention Center Authority will pay more for insurance coverage starting next month.
The authority board on Wednesday voted to renew the authority's insurance policy for property, liability and umbrella coverage through Assured Partners Inc., of Plains Twp. The policy includes terrorism coverage, according to a premium summary released to board members.
The annual premium will rise from $136,331 to $146,007, an increase of about 7%. The new rate takes effect in August, according to Donna Cupinski, vice chairwoman of the authority board, which oversees the operation of Mohegan Sun Arena.
Cupinski asked Edward Miller, of Assured Partners, if the policy includes cyber risk coverage, in light of the recent cyber attack on the county computer network.
"You do have some, but not nearly enough," Miller said.
The premium increase could not be avoided, since it has been a challenging year for insurance underwriters, according to Miller. However, he praised the arena's loss ratio, which he called "the one shining star in this whole thing."
The board needed to approve the policy renewal Wednesday because the policy expires prior to the authority's next scheduled meeting Aug. 14, said Cupinski, who chaired the meeting in the absence of Chairman Gary Zingaretti.
Also Wednesday, the board approved a proclamation honoring longtime board member Hal Bloss, who resigned last month.
Contact the writer:
emark@citizensvoice.com; 570-821-2117